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00:02Elf Beauty's fiscal first quarter profits nearly doubled after the company received
00:06federal tariff refunds, according to CNBC.
00:09The cosmetics company received about $50 million in tariff refunds and interest, nearly doubling
00:13net income and increasing gross margin by 14 percentage points.
00:17Elf Beauty reported fiscal first quarter adjusted earnings of $1.75 per share on revenue of
00:22$479.4 million, beating analyst estimates of $0.71 per share and $430 million, respectively.
00:31CEO Tarang Amin said the company plans to reinvest the refunds into pricing and marketing across
00:36its brands.
00:37The company raised its full-year sales outlook to between $1.94 billion and $1.97 billion,
00:44above analyst expectations and its prior guidance.
00:47Elf also said testing showed most price reductions did not increase demand, although select products
00:52such as Cream Glide lip liner saw stronger unit growth after lower pricing.
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